GBS WORLD NEWS | WEEK 4 | SEPTEMBER 2022
Over 80 senior customer experience (CX) outsourcing knowledge leaders, analysts and executives gathered in Las Vegas, Nevada from September 14 to 15 for two days of insights and ideation delivered by the annual CxOutsourcers Mindshare Event. Discussion points on the first day focused on blending technology with the human touch, emerging vertical industry opportunities, blockchain in CX, hybrid work models and top nearshore and offshore locations. The second day focused on employee experience (EX), 21st century talent development and CX buyer pain points.
The event was held at a time when fragmented CX journeys among American banking brands have stoked customer frustrations to new levels. Over 66% of customers are reported to be discouraged before they get on the phone with a bank call center agent. This is a key finding in the U.S. State of Multichannel Customer Service report. And it is not helped by the fact that 76% of customers demand a truly omnichannel experience, yet only 58% of financial institutions prioritize it. Furthermore, 31% of customers want a seamless customer support process with retail banks, but only 10% of banks say it’s a top priority.
However, there was more to be positive about in the US, as Genesys, a global leader in CX technology, announced the winners of its 17th annual Customer Innovation Awards across various vertical industries. UnitedHealth Group, Rabobank, Cathay Pacific and Accenture were some of the recipients of category awards.
Over in Canada, Walmart has deployed an innovative AI tool to detect when items are out-of-stock on store shelves. After a 70-store pilot, Walmart Canada will be rolling out the new technology engineered by Focal Systems. Cameras are used to automatically detect real-time stock availability on shelves, which feeds the updates to store associates who then replenish the items or order new stock.
Travel agencies in the United Arab Emirates (UAE) are looking to boost their digitized CX journeys through superapps. Leading the charge is Musafir.com an online travel agency that offers a one-stop-shop mobile and web superapp providing multiple services, including flight bookings, visa applications and e-hailing.
On the topic of travel, a Netherlands-based fintech platform, Adyen, has expanded its Real Time Visa Account Updater (VAU) to Europe. Real-time VAU coverage will enable European firms to increase revenue and authorization rates from card-on-file payments by automatically updating Visa accounts in real time, consequently enhancing CX and preventing involuntary churn.
Some bad news rattled the Asia Pacific retail market, where Ikea Korea announced a 10% decrease in sales this fiscal year, due to customers spending less on home furnishings as virus restrictions have eased. The South Korean arm of the Swedish furniture maker reported a drop in sales of 618 billion won (US$444,3 million) during the year ending August 2022. This is a 35% drop when compared with 687.2 billion won during the same period last year, according to a statement from the firm.
In general CX news, 33% of customers have abandoned the account registration process because completing the information took too much time. A further 24% of customers have abandoned checking out because they had to create an account, according to SC Media research findings. Other findings revealed that 63% of customers would switch to a competitor that had a simpler authentication process. Notably, 83% of customers are more loyal to brands that provide consistency across all channels.